Considering the pressing need for more affordable housing, Lakewood-based FirstBank, has closed a $21 million loan with Boulder Housing Partners (BHP) for the Hawthorn Court development. The project that commenced on May 14 aims to add 73 new units, including 40 one-bedrooms, 27 two-bedrooms, and six three-bedroom apartments in Boulder, Colorado.
“By funding affordable housing, we’re providing security, consistency, and sustainability to countless individuals and families. Safe and attainable housing is also crucial in fostering a strong economy, and we’re excited to support Boulder Housing Partners in building a foundation for everyone to thrive,” said Adam Sands, Chief Banking Officer at FirstBank about the investment.
The Hawthorn Court development is designed to serve households with incomes ranging from 30% to 60% of the Area Median Income (AMI). Five units will also specifically cater to families experiencing or facing the risk of homelessness. The project not only aims to provide affordable housing but also focuses on sustainability. It plans to incorporate features like solar energy, high-efficiency HVAC systems, high-performance windows, electric vehicle parking, and certifications from Enterprise Green Communities, Energy Star, and Zero Energy Ready Homes. The community’s location near public transit and retail stores also promotes a walkable and eco-friendly lifestyle.
Laura Sheinbaum, Chief Real Estate Officer at BHP, expressed gratitude towards FirstBank and said, “Boulder Housing Partners is dedicated to meeting the urgent need for affordable housing by providing accessible housing. We’re thankful for partners like FirstBank that help turn this vision into reality.”
FirstBank was established in 1963 and has been at the forefront in banking services, with over 100 branch locations across Colorado, Arizona, and California. The bank is known for its annual contributions towards corporate philanthropy, amounting to more than $90 million since 2000. Along with providing a variety of consumer deposit accounts, mortgages, and other commercial banking services, the bank has a unique Employee Stock Ownership Program, allowing employees to own a large portion of the bank’s stock.
Boulder Housing Partners, the housing authority for the City of Boulder, has been striving for over 55 years to create affordable homes for low and moderate-income residents in diverse, sustainable communities. BHP is one of the few public housing authorities in the U.S. participating in the Moving to Work program, which provides flexibility in using federal funds to foster innovation. The housing authority has also received several national and international awards for affordable housing development and sustainability.
Source: Press Release